Why This U.S. Recovery Is Weaker

Oct. 22 (Bloomberg) -- There is a vigorous debate overwhether the U.S. economy’s recovery from the recent deeprecession and financial crisis is weaker than similar events ineconomic history.

In work with Joseph Haubrich, an economist at the FederalReserve Bank of Cleveland, I have argued that this recovery isunusually weak compared with previous episodes. The HarvardUniversity economists Carmen Reinhart and Kenneth Rogoff say thepace of the current recovery is consistent with the aftermathsof serious U.S. financial crises of the past.